Providence operating loss €7.2m

Operating losses at leading Irish explorer Providence Resources jumped by more than 30% last year, to just over €7.2m.

On a pre-tax basis, the Tony O’Reilly Jnr-led company’s losses narrowed by 6%, to just under €7.8m and its basic loss per share fell from 39.68c to 4.33c.

The total loss for the year — attributable to equity holders — amounted to almost €2.8m, down from €24.2m in the previous year. A net credit of €4.97m was attributed to the profit from the sale of the firm’s UK onshore operations.